AliExpress Russia invested in major regional e-commerce company

KazanExpress was founded 5 years ago and is growing fast recently

AliExpress Russia

AliExpress Russia invested in major regional e-commerce company. Source: shutterstock.com

AliExpress Russia, a joint venture formed by Alibaba Group, has invested in KazanExpress by acquiring a 30% stake, Ecommerce News has found.

Information about how much money was involved with the transaction remained undisclosed, but KazanExpress’ co-owner Linar Khusnullin speaks of ‘several billions of rubles’ (dozens of millions of euros).

KazanExpress was founded in 2017 and is based in Kazan, the capital of the Russian republic Tatarstan. The e-commerce platform combines marketplace and retail models and partners with about 5,000 online merchants from Russia.

Besides, the company is currently investing in logistics to expands its 24-hour delivery. It also wants to reach 3/4 of online consumers in Russia by covering 127 cities in the European part of the country.

We’ve reported that Wildberries expands across more European countries.

SEE ALSO: